The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars A pril 16, 1 99 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -M a r. 48312 48155 48155 47151 1160 4 5 7011 156 37 0 A pr. May Jtine 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458178 459575 461719 261 243 367 88 173 243 0 0 0 J u ly A ug. Sep. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464460 467017 469676 409 598 438 330 385 368 0 0 0 O ct. N ov. D ec. 46454 46865 47196 46184 46712 46872 46184 46712 46872 45058 45248 45513 1396 1617 1683 472345 476640 480575 270 153 324 227 115 79 0 0 0 46364 45818 4 6 161 46154 45760 46119 46154 45760 46119 44584 44294 44867 1780 1524 1294 482912 484318 485965 210 58 41 18 12 22 0 0 0 45806 45710 45739 45651 45739 45651 44243 44225 1563 1485 482765 4 8 5151 67 59 9 13 0 0 46364 45927 46346 45893 46346 45893 44808 44822 1556 1105 486127 485624 19 34 17 23 0 0 46332 46231 46231 45080 1252 486462 101 30 0 1998-J a n . F eb. M ar. p Two w eek s e n d in g 1 9 9 8 - F e b . 11 25 M ar. A pr. 1. 2. 3. 4. 5. 6. p pe Monetary base6 total2 11 25 8p total seasonal extended credit4 Reserves and monetary base figures Incorporate adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained Hqukity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock phis (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, tne seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes In reserve requirements1 Averages of dally figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 -M a r. 47543 47387 46383 462216 A pr. May JUne 47879 45997 4 6 610 47618 45754 46243 46869 44757 45330 J u ly A u g. Sep. 4 6 380 46645 4 6 056 4 5 971 46047 45618 O ct. N ov. D ec. 4 5 621 46 4 51 4 7 880 1998-J a n . F eb. M ar. p Tap m i f c i e n d in g 1 9 9 8 - F e b . 11 25 M ar. A pr. 1. 2. 3. 4. 5. 6. 7. 8. p pe 11 25 8p Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 11515 42 2 26 36029 6197 465062 465219 468778 12308 10916 10291 4 1 479 41179 4 2 416 35 5 71 35 0 81 36319 5908 6097 6097 45179 45392 44761 472582 474005 475316 9851 10489 9742 43 1 45 42379 43 0 56 36529 36 1 56 3 6 314 6616 6224 6742 45 3 51 46298 47555 44225 44834 46196 477279 483495 491919 9990 10559 10673 4 1 730 4 2 114 4 3 970 35 6 31 35892 3 7 206 6099 6222 6763 47495 44974 45487 47285 44916 45446 45714 43450 44194 491615 488428 491017 9733 9394 10142 4 6 672 42562 4 0 989 37762 35580 35345 8910 6982 5644 45212 44618 45145 44559 43648 43132 486797 489205 8750 9726 4 4 5 60 4 1 199 36462 34892 8098 6307 281 185 4 5 765 44997 45747 44963 44209 43892 490784 490656 10210 9879 4 1 597 4 0 5 94 35555 35118 6042 5477 226 172 46124 46024 44872 492288 10633 4 0 794 3 5 491 5303 175 surplus7 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Casn" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 2 5 ,19 9 2 , each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository Institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted MHHons of dollars Reserves of depository institutions Date total1 2 nonborrowed required34 Monetary base4 1 9 9 7 -M a r. 47687 4 7 531 46527 455 25 9 A pr. May June 48089 46259 46931 47828 46016 46564 47079 45019 45 6 51 458 16 8 458287 46 1 80 5 J u ly A u g. Sep. 46759 47085 46549 46350 46487 46111 4 5 558 45832 45254 465546 467238 4 6 8631 O ct. Mov. D e c. 46161 47053 48555 4 5 891 46901 48231 4 4 765 4 5 436 46872 4 7 0696 476939 4 8 5471 47495 44998 45533 47285 44940 45491 45715 4 3 474 44239 484423 48 1 36 6 48 4 05 8 Tmp w eeka e n d in g 1 9 9 8 -F e b . 11 25 45229 44644 45162 44585 43666 43159 4 7 9613 4 8 2232 M ar. 11 25 45802 45043 45784 45009 44246 43938 4S3752 4 8 3 70 0 A pr. 46181 46081 44929 4 8 5452 1 9 9 8 -Jan. Feb. M ar. p Note: 1. 2. 3. 4. p pe 8p Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 Figures reflect adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for dscontlnuitles due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been In effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and vault Cash- and for all those weekly reporters whose vault cash exceeds their required reserves, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER